Question

Sam and John deposited 20,000 in different banks. Sam deposited the amount for 5 years at a
5% rate of interest while John deposited it for 3 years at a 10% rate of interest. Who earned more
money? Why?​

Answer 1

Answer:

Sam:

S.I=p.r.t/100=20000*5*5/100=$5000

Amount after 5 years=20000+5000=$25000

John:

S.I=p.r.t/100=20000*3*10/100=$6000

Amount:20000+6000=$26000

so John earn more